Cirrus Real Estate Partners files $130M pre-foreclosure at Youngwoo office, hotel project in Washington Heights

Cirrus Real Estate Partners alleged a maturity default in a construction loan with an original principal of $130.6 million, given to Youngwoo & Associates in December 2018 for the development of the 22-story Radio 181 project at 2420 Amsterdam Avenue in Washington Heights, Manhattan. Cirrus made the allegations in a pre-foreclosure action it filed, through the entity CMK Radio Lender LLC, on November 20, 2025, in New York State Supreme Court in Manhattan.
Case LINK
Court filings represent the position of one party and are not necessarily accurate or complete. Lenders have filed a growing number of pre-foreclosure actions over the last few months against established real estate owners who are struggling to refinance older debt under the current higher interest rates and in some case lower asset valuations.

This is the second large pre-foreclosure Cirrus filed this month. On the same day, the note holder alleged debt with an original principal of $187 million and secured by F&T Group’s retail and parking assets in Flushing was also in default.

According to the complaint, “On November 21, 2024, each of the Loans matured pursuant to the terms of its respective Loan Agreement. See Ex. N (Side Letter dated October 30, 2024), § 1. 69. Borrower breached the terms of each of the Loan Agreements by reason of its failure to pay the amounts due under the terms of each of the Notes…”

The complaint identified an affiliate of the China state-owned developer, Beijing Construction Engineering Group which controls the international division BCEGI, as a guarantor on the loan.

Youngwoo & Associates, led by founder Young Woo, filed plans in 2016 to develop the mixed-use building with 221 hotel units in approximately 75,000 square feet of the building, and office in about 140,000 square feet of the building.

The property

The condo building with 221 hotel units in Washington Heights has 260,268 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 219 feet deep with a total lot size of 32,925 square feet. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has received $1,250 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Washington Heights, The bulk, or 45 percent of the 66 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has near average sales volume among other neighborhoods with $364.1 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Washington Heights has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 29 commercial properties representing 284,814 square feet of the 700,876 square feet. The largest owner is Avery Management, followed by Camber Property Group and then David Yaminian. On the tax block, there was one new building construction project filed totaling 213,822 square feet. It is a 221-unit, 213,822 square-foot business (B) building submitted by Youngwoo & Associates and filed by Margarette Lee with plans filed May 18, 2016 and permitted January 4, 2019.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 2436 Amsterdam Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.